Wednesday, June 2, 2010

Gulf Oil Spill Clips $100 Billion from Value of Connected Outfits

Marketwatch’s Russ Britt reports:

The Deepwater Horizon disaster has taken a $100 billion bite out of the market capitalizations of the five key companies connected to the oil spill over the last six weeks, and it has dragged down the sector overall.

BP PLC has led the way, with a sizable $17 billion of its $69 billion market-cap loss coming Tuesday alone, while Anadarko Petroleum, Transocean, Halliburton and Cameron International have given up nearly a cumulative $40 billion in market value.

That’s the tally since the disaster hit the deepwater drilling rig April 20. Three of the companies hit peaks a few days after the rig exploded–Halliburton, Cameron and Anadarko–before joining BP and Transocean in the 6-week-long slide.

BP, of course, is leasing the rig operated by Transocean, while Anadarko has a piece of BP’s action. Halliburton cemented the faulty well, while Cameron was responsible for the faulty blowout preventer. Combined, the five companies have lost 36.6% of their market capitalization since the week in which Deepwater Horizon exploded and later sank, spewing millions of gallons of crude oil into the Gulf of Mexico.

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